Posted on 08/15/2017 6:42:18 AM PDT by Lorianne
I often hear that young people can’t afford housing. I’m in my early 20’s and own a great house in a wonderful neighborhood, with no mortgage. (Plus a few other houses, now.)
It was very easy. First I ruled out living ten minutes from Manhattan, though that would have been such fun. Ruled out college, ditto. Got a minimum wage job at 18 and directions to the tax office in rural PA. Bought a property that cost me a couple of paychecks. Got it tarted up nice, sold it on the internet. Repeated this process a few times using the profits.
If I’d asked my parents for a loan it would have been even quicker, but I learned early (in homeschool) that borrowing is not an admirable practice.
As for “assisted living” facilities, I do volunteer work at one of those and the folks I’ve met, most of them, divested themselves of assets years before the transition to “assisted.” The formula seems to be, put the house in the heir’s name, wait a decent interval, then pay very little for a whole lot of perks. They’re happier than they were when they lived with their kids...who usually sell the family home for something they like better.
Anyway, it all takes some outside-of-box thinking and planning, no matter what your age. Otherwise, you’re likely to become a wage slave in the city, or a tax slave, or a college-loan slave. Or all three! :(
It means "Death Pledge" not death grip. The term actually meant how the pledge expired, and had nothing to do with actual death.
The pledge would expire (i.e. the deal dies) when the note was either paid, or went unpaid.
Problem is that tax breaks for geezers are distorting the real estate market, kinda like rent control does. All things being equal, folks should be able to live any where they like and can afford. Those property tax breaks for seniors are helping older folks at the expense of younger ones.
Colorado seniors get a discount on property taxes, but only if they've lived in the same house for at least ten years. If they move, they won't qualify again for another ten years.
Older folks are aware of the unmentioned crimes, and raping of their bank accounts, by the different “old folks homes”.
Are you an avid gun lover? No such thing can be had in an old folks home.
Do you like your independence? You get tied to the old folks home, and just can’t get out by yourself without being badgered by an aide.
Do your own cooking? Don’t count that to be.
Well on the salary of a part-time barrista or blogger/YouTuber, how are millennials going to afford to buy them?
The Mrs. and I are reaching retirement age and we’re planning on living in our home that we designed for that purpose as its only got one floor.
The problem comes when the towns property tax comes due and of coarse the towns don’t want to cut spending.Don’t you know the kids have to have the very best to get an education.
Who do they hit up for the money?Property Owners.Eventually the towns tax collector can steal your property even when you have No Morgage.
There should be a statutory limit to what the government can require in property taxation.
There should be a statutory limit to what the government can require in property taxation.
Years ago my local school district decided on a tax rate increase despite public opposition.
A local CPA started a successful petition for a rollback election. The school district was livid and made the usual threats; "we'll have to cut football and extracurricular activities, blah blah", to no avail. The election was held and the tax increase was rolled back.
I would say lavish/early retirement plans for government workers coupled with undisciplined spending at the state/local levels are the real issues with property taxes.
Way too many government-worker retirees making $800.00+ per day!
Add to that the burden of uncontrolled illegals flooding the schools (of whom many are on welfare/section 8, etc, etc.)
Add to that the teacher to admins ratio of government schools.
Absolute nonsense.
They system is fncked and no one is going to fix it.
Pols are only going to raise taxes. That’s the “fix”.
I look forward to not having to pay schools taxes in the next three years.
User pays is a good rule.
Yeah, that’s why the taxes are high: pensions and health care bennies. But if you think that special property tax breaks for seniors are a good thing, it may be for you and others getting that particular benny, but it’s not good for society as a whole.
Not shocking. Boomers have been me me me from birth. This generation singlehandedly destroyed the United States. They started screw everything that walks, drugs, refuse to retire from jobs, hogging millions in their retire accounts, refuse to do anything or leave congress, keeping houses, refusing to let gen x and others have their turn. Boomers are a disaster and this country would have been better off without then.
I am torn. On one hand the house is 2 big for just 2 people. taxes are only going to go up, utilities also.
But I love my home. I love the yard, the location, all the stuff I have done to make it “ours”.
We may move in 5 years or so but it will have to be an outstanding area/house b4 i consider doing that
it is true.
My father had his property taxes locked in years ago and is paying 2 to 3 times less than his neighbors.
A big reason: to be close to the grandkids.
“it is true. My father had his property taxes locked in years ago and is paying 2 to 3 times less than his neighbors.”
Texas doesn’t levy property taxes. Counties do. Which county does he live in.
We live in a lovely 27 year old 2000 square foot home with a small yard. The neighborhood is very nice and is kept up by a good HOA.
Although 20 years ago our peers kept telling us we should move into a bigger, grander home, we never did. We’ve done a lot of really nice updating to our home so it looks up to date and new.
We paid off our mortgage 14 years ago, and although we have plenty of room for the two of us, there is no need for us to “downsize.” We will be in this home until we die and/or end up in a nursing care facility. Our daughter—age 30, is still as much trouble as she was when she was 15—will NOT inherit our home. It will go into a trust for our grandson and Sudanese god son.
After paying off our mortgage, we socked away a ton of money in and outside of our retirement accounts. When I retire early next year, hubs and I plan on doing a lot of travelling all over the world.
The only baby boomers who are selling are the ones who bought ridiculously large McMansions which are now too difficult and expensive to maintain. Millenials with worthless college degrees obviously can’t afford these kinds of houses.
Are you sure about that?
The older half did the largest damage. I am in the younger half.
If the owner isn't offering to sell, the house is NOT in the market.
“Not shocking. Boomers have been me me me from birth. This generation singlehandedly destroyed the United States. They started screw everything that walks, drugs, refuse to retire from jobs, hogging millions in their retire accounts, refuse to do anything or leave congress, keeping houses, refusing to let gen x and others have their turn. Boomers are a disaster and this country would have been better off without then.”
Some people should not be allowed to post on the internet.
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